2023-11-26 15:36:00
Gold prices exceeded $2,000 per ounce at the end of last week’s trading, following expectations of the imminent end of the monetary tightening cycle from the US Federal Reserve (the central bank).
A specialized report issued today by the Kuwaiti Dar Al-Sabaek Company said that the prices of gold futures contracts (for delivery next December) rose by 0.5 percent to reach $2,003 per ounce, coinciding with the decline in the index that measures the performance of the US currency against other currencies by 0.55 percent at 103.3. points.
The report added that expectations are towards keeping the US interest rate unchanged at the US Central Bank meeting scheduled for early next December, as analysts believe that the United States will not raise the interest ceiling during the current year, with the possibility of working to reduce it by April of next year.
He stressed that gold prices will be positively affected by any American decision to reduce interest rates in the coming months, in addition to the presence of a geopolitical factor that could raise gold prices further if military tension continues in the Middle East region.
He pointed out that the People’s Bank of China (the central bank) fixed the basic interest rates on loans for one year at 3.45 percent and for 5 years at 2.4 percent, which improved gold’s performance during last week’s trading.
He stated that there are American economic reports and indicators that will be issued during the week that will have a direct impact on the trends of the yellow metal, especially the personal consumer spending index and the purchasing managers index, in addition to expected speeches from many Federal Reserve officials.
Regarding the local market, the report stated that it witnessed increasing activity in conjunction with the rise in prices of the yellow metal, as the price of a gram of 24 karat reached 19.9 dinars (about 60 dollars), while the price of a gram of 22 karat reached 18.25 dinars (about 55 dollars), while silver closed at 285. dinars (about $869) per kilogram.
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